5 Things Creditors Don't Want You To Know
The credit industry, as a whole, has spent a lot of money pushing credit consolidation plans and telling you that you shouldn't file bankruptcy . Take a moment and think about whom you are getting the information from, and why they are spending so much money in stigmatizing bankruptcy as a negative decision.
Yes, your credit score will be reduced as a result of filing bankruptcy. But the odds are great that your credit has already taken a significant hit because of late or missed payments.
Yes, a bankruptcy filing will appear on your credit report for 10 years. But, late and missed payments will be on your credit report for years. Opting for a debt consolidation plan will also affect your credit score. A bankruptcy will wipe out all your debts within a few months, if you qualify, and file for, Chapter 7. Most debt consolidation plans will have you paying hundreds of dollars per month for years.
But what are the Top 5 things the credit industry doesn't want you to find out? Here they are:
- Once you file a Chapter 7, or a Chapter 13, bankruptcy, your creditors must stop all collection efforts and this includes lawsuits, garnishments and harassing telephone calls.
- Filing a Chapter 7 bankruptcy gives you a clean slate and a fresh start from credit card debt and medical bills.
- Bankruptcy stops foreclosure immediately on the day you file the petition.
- If you have a second mortgage on your home and the home is not worth more than the amount you owe on your first mortgage, you may be able to completely eliminate (yes, get rid of completely) your second mortgage through a Chapter 13 bankruptcy.
- Many IRS debts can also be eliminated through bankruptcy.
So...are you going to continue listening to the industry that is hiking your interest rates to 29%? Or, are you going to take an hour of your time to find out what debt relief is available to you through bankruptcy?
The credit card companies are hoping that you don't call and set up a free initial consultation with a Fort Lauderdale bankruptcy attorney.